Final Senate Vote On GENIUS Act Looms As SEC Scraps Biden-Era Crypto Rules
The US Senate has scheduled its final vote for the GENIUS Act for June 17 as the Securities and Exchange Commission (SEC) scraps a series of crypto rules that were proposed under the Biden administration. The official website for Senate Democrats revealed the scheduled date in a notice yesterday. The exact time for the vote will be decided later by the Majority Leader in consultation with the Democratic Leader, the notice added. GENIUS Act Could Give Much-Needed Stablecoin Clarity In The US The GENIUS bill aims to establish a legal and regulatory framework for stablecoins. That framework includes requiring stablecoin issuers to fully back their tokens with US dollars or similarly liquid assets, mandating annual audits for issuers with more than $50 billion in market cap, and adding compliance guidelines for issuers outside of the US. 🚨JUST IN: The Senate will vote on the final passage of the GENIUS Act on Tuesday, time TBD. pic.twitter.com/D9E8wiv4CA ...